Hedge funds unwound positions in single stocks on Friday at the largest amount in over two years, with some activity comparable to March 2020, when portfolio managers cut market exposure during the pandemic,

Hedge funds are dumping their stock holdings at the fastest pace in four years as tariffs and signs of an economic slowdown in the U.S.

After dumping bets in the US and Europe last week, hedge funds in Asia moved to unwind their wagers earlier this week, Goldman Sachs said in a note to clients. The region saw the largest decline in hedge fund positions in four years on Monday,

Global hedge funds accelerated the unwinding of stock positions on Monday, mainly in the industrial sector, as they seek to reduce risk amid a selloff in U.S. stocks, according to Goldman Sachs notes.

Retail investors can learn a lot from tracking what hedge funds are buying and selling. Hedge funds are part of the “Smart Money,” and their large-scale transactions can give a sense of where the market may be headed Goldman Sachs analyzed 695 hedge funds that manage $3.